ProtoColl clients can leverage the new interface to meet the upcoming European Market Infrastructure Regulation (EMIR) requirement for collateral reporting.

EMIR entered into force on 15 March 2013 and introduced a range of changes to the derivatives market including central clearing mandates, increased margin and collateral requirements for OTC derivatives transactions as well as trade reporting of over the counter and exchange traded derivatives. Trade reporting requirements became mandatory on 12 February 2014 and, effective 11 August 2014, most European market participants that enter into derivatives transactions will also be required to report collateral data.

Omgeo ProtoColl provides users with a solution to help meet the upcoming EMIR requirements by linking collateral across a firm with originating transactions/positions, and reporting this data to GTR. Firms often gather data from disparate systems across their organisation, making it difficult to tie transaction information with collateral and, therefore, meet their new reporting requirements. ProtoColl matches collateral with originating transactions or positions and reports the consolidated data in a GTR standard format within the interface. Key data elements within the ProtoColl collateral report include unique trade identifiers (UTI), legal entity identifiers (LEI) and/or internally-generated identifiers matching the client-reported derivatives data.

“Omgeo ProtoColl offers its users a reliable and convenient new interface to GTR, seamlessly enabling the collateral reporting capabilities,” says Rick Enfield, executive director of ProtoColl product management at Omgeo. “New regulations have changed the way our clients manage their collateral, and Omgeo ProtoColl is adding new functionality to enable its users to conform to these new standards and create efficiencies in their operating environments, in Europe and around the globe.”

“As evolving regulatory reporting requirements come into effect in Europe and around the world, DTCC is committed to leveraging our Omgeo assets to provide end-to-end solutions that deliver even greater value to our mutual clients. The ProtoColl and GTR interface is a demonstration of that commitment to strategic partnership and delivering efficiencies “ says Sandy Broderick, CEO of DTCC’s Global Trade Repository. “We look forward to continuing to work with our clients to meet their evolving business and compliance needs.”